Sell USDINR; target of : 83.20 : March 27, 2024: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee appreciated to 83.30 on Tuesday amid fresh bout of intervention from RBI and stronger Asian currencies. Further, strong domestic growth and higher forex reserves supported the Rupee to trim its last week’s losses. Rupee is expected to appreciate again on expectation of further intervention by RBI. Weaker set of economic numbers from US would weigh on the dollar. Moreover, improved risk appetite and improved inflows into the domestic markets would help the rupee to appreciate against the dollar. Improved current account deficit numbers, which narrowed to $10.5 billion in last quarter would also support the rupee to regain its strength. USDINR April is likely to face the hurdle near 83.50 and move back towards 83.20. A move below 83.20 it would slid towards 83.10.

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